15 Apr 2026

The decision to house the new Botswana Sovereign Wealth Fund (BSWF) under Office of the President, Ministry for State President, Defence and Security, rather than Ministry of Finance, is a deliberate strategic choice based on the fund’s developmental mandate and better national coordination amongst other things. 

The approach was similar to other key development entities such as National Planning Commission (NPC) and Public Private Partnerships unit, Assistant Minister for State President, Defence and Security, Ms Maipelo Mophuting-Dikoloti said when answering a parliamentary question on Tuesday. “In addition, as members are aware the constitution under section 50 (4), a minister is responsible, under direction of the President for such business of government as the President may assign t him or her,” Ms Mophuting-Dikoloti explained. 

The assistant minister further explained that it was not only a cash pool, but also an assets management entity that would capture state owned entities, owned or managed by various ministries. 

“Had it been a cash only entity, the fund would be at the Ministry of Finance. But the diverse nature of its cash and non-cash portfolio means it will require the convening power of the presidency to truly execute its mandate. And sometimes, it may need inter-ministerial collaboration,” she explained. 

On chief executive officer of the BSWF, Ms Mophuting-Dikoloti said the selection was based on his expertise of running the largest fund in Botswana. She argued that if the CEO could protect, preserve and grow the pension funds of the country, then he could run and manage BSWF. She also explained that the selection of the CEO followed a rigorous, recruitment process designed to attract world-class talent.

 “Despite this, we ran a comprehensive induction programme, which included working with African sovereign fund forum and other sovereign wealth funds,” she said, confident they were on the right track. 

Also, the assistant minister said the selection process for the board directors of BSWF was done in accordance with part X of the Companies Act. She said the appointments adhered to the principles of merit, transparency and professional competency as required by the Santiago Principles. 

She revealed that the chairperson of the BSWF was the immediate past chairperson of Nigerian Sovereign Wealth Fund. 

“The Nigerian SWF has been ranked the highest in Africa for over a decade when it comes to transparency and governance. This means we have been able to tap African and global experience and expertise to set our fund,” she said as she justified the selection of the BSWF board chairperson. 

However, Ms Mophuting-Dikoloti said that the CEO was better placed to provide information regarding the amount invested in the fund. Member of Parliament for Maun North, Mr Dumelang Saleshando, had sought clarity on why the BSWF was managed under the Ministry for State President, Defence and Security but not of that of Finance. Additionally, the Maun North legislator wanted to know how the board members were selected, how much had been invested in the fund up to date and the applicable law under which the fund had been established, among other things. ENDS